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Reply to "Explain to me why it's a bad idea to borrow against your 401k?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Another thing - the money you first put into the 401k is before-tax money. You have to re-pay the loan with after-tax money. That's a big hit, depending on your income tax rate. [/quote] A very good point. So for every 10,000 you loan yourself, you have to repay somewhere in the ballpark of $12,500. And that's before any interest charged. Not a good deal. [/quote] I don't really understand what you are trying to say. I don't have to pay income tax on the amount I borrow from my 401k, so why does it matter if the amounts in there were pre-tax or not, as long as I repay whatever I borrow. [/quote]
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